ING to expand debt capital markets business into US

May 8, 2018

Dutch bank ING Groep NV is building out its debt capital markets (DCM) business in the Americas, with the aim of underwriting its clients' investment-grade US bond issuance.

The expansion is the result of a broad review of its global capital markets, syndicate and lending businesses that started one and a half years ago, said Ed Brown, head of strategic products for the Americas. The bank was motivated in part by the sheer size of the US market, which is nearly three times as large as European bond markets, according to analysis from the European Commission.

Eventually, ING could expand its DCM business to cover high-yield bonds and "reverse Yankees", or debt issued by US companies into European or Asian markets. Its new office will provide a base from which to cover Canadian and Latin American markets as well.

Cefas van den Tol, formerly ING's global head of corporate DCM, will help drive the effort, and will be appointed head of global capital markets for the Americas starting June 1.

The bank has hired Philip Mackenzie from Oppenheimer & Co to lead the New York credit trading desk. It has also hired Paul Schoffelen from Santander to lead investment-grade credit sales and Robert Londrigan from Commerzbank as a director in its investment-grade DCM team.

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